Medivir AB (MVIR.ST), a Sweden-based pharmaceutical company, Thursday announced that it has granted Biossil Inc., a Toronto-based AI-native drug developer, global, exclusive development rights to Remetinostat.
On the Stockholm Stock Exchange, Medivir's shares were trading 12.27 percent higher at 0.57 Swedish Kroner.
Remetinostat, a clinical-stage topical HDAC inhibitor, has shown positive results in phase II trials in basal cell carcinoma (BCC) as well as in cutaneous T-cell lymphoma (CTCL).
As per the licensing agreement signed today, if Remetinostat is successfully developed and approved, Medivir will be entitled to receive up to a total of approximately $60 million, along with mid-single digit royalties on future net sales.
Dr. Alexander Mosa, Co-Founder, Chief Scientific Officer and Chair of Biossil added, "Remetinostat was identified with the same rigorous approach applied to all of Biossil candidates. It meets our key criteria of promising clinical data, a differentiated mechanism of action, and potential to address important unmet needs.
Biossil is an AI-native drug development company well-equipped in treatment of late-stage, first-in-class candidates for heterogeneous and life-threatening diseases.
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